Are you a small business looking to grow? You may already know that in order to attract talent and remain competitive there is a number of things you must do. In addition to offering the right salary, employee benefits (like health insurance) are also becoming more important in todays job market.
Now you may be wondering how you can navigate this time consuming, daunting task. This is where insurance brokers come in. The role of an insurance breaker is solely meant to make your life easier when choosing the right benefits, etc. This leads us to your next question.
What is an Insurance Broker
Insurance brokers are the middle men between your small business and health insurers. Finding the right employee benefits, like health insurance is a difficult task. Especially if this is not your specialty.
As a small business owner, you may not understand everything. For example, things like coverages and exclusions, the best way to manage risks and more. That’s where insurance brokers come in to help! They use their in-depth expertise to match you with a health insurance plan that is ideal for your company and employees.
Now we know what exactly an insurance broker does, but what should you expect from them? Here are 5 things your insurance broker should be doing, when helping your small business.
Insurance Broker’s Should Be Saving You Time
There is a reason why small business owners shouldn’t navigate the health insurance world on their own. Simply put, it would take far too much time for a business owner to properly understand and choose a benefits plan that must meet numerous regulations.
But that’s why insurance brokers exist! A good broker will know everything there is to know about health insurance plans and regulations. They’ll be able to tell you everything from what kind of coverage is available in your area and how much you can expect to pay each month. You will also be informed on which plans are best suited for your employees’ needs and restrictions or requirements they may have (such as smoking bans or certain medications).
By having all of this acquired knowledge at your fingertips, it will save you tons of time as a business owner. Saving time is crucial for business owners because it allows you to give your attention to what you know best!
Understanding the Law to Ensure Proper Benefits Compliance
Health care insurance is strictly regulated with constantly changing requirements. A good insurance broker will stay on top of these changes to maintain their knowledge. This will allow them to provide sound advice in your decision-making process.
Information about possible health insurance plans you are considering, should be presented to you in an easy-to-understand way. Your broker should be able to explain how the policy works and what it means for your business. They should also be able to answer questions you might have about coverage, deductibles, and other important details.
All of this will help in making a well-informed decision. This is key to ensuring that the plan you choose meets all state regulations and follows a proper benefits compliance. It’s important to avoid ill-informed brokers so that your small business is not put at risk by any liabilities.
Your Broker Must Get to Know Your Business Inside-Out!
The first thing you should know about your broker is that they are not just a salesperson. They are there to help you find the right plan for your business. This means that they need to be knowledgeable in more than just the laws surrounding health insurance.
Brokers need to be dedicated in trying to fully understand your companies, its need and your budget. All of these factors must be taken into serious consideration before a broker can even begin to look for a plan.
The best way to do this is by getting all of the information that is relevant to your situation and then taking it one step further by asking questions about how this information might affect the types of plans that are available. This way, you will be able to use the information that the broker provides and then choose what fits best with your company’s needs.
You’re Insurance Broker Must Be Shopping The Market
When you’re trying to find the best possible health insurance for your budget and your needs, it’s important to be sure that your broker is putting his or her customers’ best interests first. Not all brokers are created equal in this sense, so you must ensure that your broker is negotiating with carriers in a way that benefits you the most,
Some brokers may focus on their relationships with certain carriers, which could make it difficult to find competitive pricing elsewhere. However this completely defeats the purpose of a broker, as they are meant to work hard to get you competitive pricing from carriers. This has to include those your broker doesn’t have a relationship with—and who will continue to negotiate at renewal time.
Good Broker’s Are There For You Every Step of The Way
When shopping for a health insurance plan, it’s easy to be overwhelmed by the number of options and the possibility that you’ll have to go without coverage if you choose one that doesn’t work out.
This is why it’s important to have help from an expert when making decisions like this. Your broker must be there every step of the way. Along the way, they’ll answer any questions about the process and help resolve any issues that come up. They must also be supportive of your employees at the individual level. Challenging situations can sometimes arise, and who better to guide your employees than a knowledgeable broker like those at AUI.
As we all know, employee benefits, like health insurance, are critical to any small business. The best thing to remember is that your broker should be working for you and your company. You hired them because you didn’t want to deal with the confusing employee benefits process on your own. Let them help!